Keyword: oil

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  • N.D. oil boom ignites cash-spending splurge

    09/21/2014 2:37:53 PM PDT · by thackney · 23 replies
    Star Tribune ^ | September 21, 2014 | PAM LOUWAGIE
    The workers sometimes come in with stacks of $100 bills, their jeans and boots still covered in oil field mud as they scour the glass jewelry counter looking for clean sparkle. One oil field worker plopped down $25,000 for a diamond for his girlfriend back home. Many others settle on $1,000 necklace pendants in the shape of a tiny oil derrick, a diamond anchoring the bottom where the oil would be. “These guys spend lots of money on their women, and there’s plenty of money to be spent,” said Gina Abfalter, a clerk at Ritter Brothers Diamond Cutters downtown. “A...
  • What Drives Anti-Fracking Zealots?

    09/21/2014 8:47:45 AM PDT · by Kaslin · 24 replies
    Townhall.com ^ | September 21, 2014 | Paul Driessen
    Recent news stories underscore the tremendous benefits brought by America’s fracking revolution. * The shale oil production boom could boost US crude production to 9.5 million barrels of oil per day (bopd) next year, reducing America’s crude oil imports to 21% of domestic demand, the lowest level since 1968. Output from fracked wells represents 43% of all US oil production and 67% of natural gas production; its oil could reach 10 million bopd by 2016, the Energy Information Administration says. * The global economy saves $4.9 billion per day in oil spending because of the shale oil boom. Without it...
  • State out $675K grant but still plans to give out millions more in tax money ( Colorado )

    09/21/2014 6:34:28 AM PDT · by george76 · 25 replies
    Watchdog ^ | September 19, 2014 | Arthur Kane
    Four years ago, Kirk Swallow received state money to set up a compressed natural gas filling facility at the Rifle Shell station he co-owns. The Colorado Energy Office, then under Gov. Bill Ritter and known as the Governor’s Energy Office, gave Swallow’s company a $675,000 grant — money from fines collected from companies that violated state regulations. Swallow said he chipped in about $300,000. But, in June, Swallow had to permanently shut down the CNG pumps at 101 Railroad Ave., in Rifle, Colo. He said he was losing money because of increased competition, excessive electricity fees to run the pumps...
  • Oklahoma City oil producer unveils new formation

    09/21/2014 6:08:07 AM PDT · by ckilmer · 14 replies
    <p>OKLAHOMA CITY (AP) -- An Oklahoma City-based energy company has unveiled a new formation in south-central Oklahoma that the company's CEO said will elevate the state as an oil producer.</p> <p>Continental Resources Inc. said western Oklahoma's Springer Shale deposit is in the heart of the South Central Oklahoma Oil Province, Continental's last big discovery, The Oklahoman reported (http://bit.ly/1qk32sd).</p>
  • Why the Permian shale boom transformed US energy markets

    09/20/2014 8:56:02 AM PDT · by ckilmer · 8 replies
    marketrealist ^ | • Sep 18, 2014 10:31 am EDT | By Alex Chamberlin
    Why the Permian shale boom transformed US energy markets By Alex Chamberlin - Disclosure  • Sep 18, 2014 10:31 am EDT U.S. shale boom transformed U.S. energy marketsAccording to the U.S. Energy Information Administration (or EIA), the top seven unconventional oil plays accounted for 95% of domestic oil production growth. They also accounted for all domestic natural gas production growth during 2011–2013.Permian Basin crude oilAccording to the EIA, the Permian Basin in west Texas and eastern New Mexico is the largest crude oil-producing region in the U.S.Enlarge GraphCrude oil production from the Permian Basin increased from 850,000 barrels per day...
  • McConnell: Make me majority leader, I'll give you Keystone XL

    09/19/2014 7:51:37 AM PDT · by thackney · 57 replies
    The Hill ^ | 09/18/14 | Laura Barron-Lopez
    Marking the sixth anniversary of the controversial Keystone XL pipeline's permit application, Minority Leader Mitch McConnell (R-Ky.) teased voters with a preview of what a GOP-controlled Senate would do. "If American people give us the opportunity to be in a majority next year, I'll be setting the agenda," McConnell said. "It's easier to score if you're on offense, and the majority leader is offensive coordinator." He added: "If we have a new majority next year, and a new majority leader, the Keystone pipeline will be voted on on the floor of the Senate, something the current majority has been avoiding...
  • Energy investment boom drives economic recovery

    09/19/2014 7:38:47 AM PDT · by thackney · 9 replies
    The Hill ^ | September 18, 2014 | Derrick Freeman
    Americans seem to have a love-hate relationship with major energy companies. On the one hand, our iconic brands are global leaders and symbols of U.S. technological and economic prowess. On the other hand, Big Energy takes the heat when the public gets restive over rising gas prices, or there’s an extended power outage. A new Progressive Policy Institute (PPI) report highlights an underappreciated fact about energy companies—they are huge investors in the U.S. economy. In fact, along with telecoms and Internet-based businesses, they are leading our economic recovery. Each year, PPI economists Michael Mandel and Diana Carew rank America’s top...
  • KEYSTONE PIPELINE COST EXPECTED TO DOUBLE, TRANSCANADA CEO SAYS

    09/19/2014 7:04:39 AM PDT · by shove_it · 5 replies
    MarketReports ^ | 18 Sep 2014 | WPENGINE
    WASHINGTON– TransCanada Corp.’s chief executive said the cost to build the Keystone XL pipeline, currently estimated at $5.4 billion, is expected to double by the time the U.S. government completes its review of the largest part of the project. Russ Girling, chief executive of the Calgary, Alberta,-based company, in an interview this week said he expects the project’s cost could increase to a “number that gets you into the high single digits to a 10 number.” He was hesitant to say the project’s cost could double. “I was actually trying to avoid saying those words,” Mr. Girling said. “Obviously, the...
  • N. Dakota needs $800 million for housing, schools in wake of oil boom, state GOP says

    09/19/2014 5:39:15 AM PDT · by thackney · 55 replies
    Fuel Fix ^ | September 18, 2014 | Associated Press
    North Dakota Republicans on Wednesday unveiled an $800 million one-time spending plan to address immediate problems tied to the oil boom in the western part of the state.... The proposal includes $475 million to oil-producing counties and cities; $140 million to oil patch hub cities of Williston, Dickinson and Minot; $35 million to county schools affected by oil development; and $150 million for road projects outside of the oil patch.... Ron Ness, president of the North Dakota Petroleum Council, said infrastructure needs and a shortage of workers are the biggest challenges facing North Dakota’s energy sector. The state has more...
  • Canada’s Shale Boom: More To Come In Montney

    09/18/2014 3:56:54 PM PDT · by bananaman22
    Oilprice.com ^ | 18/09/2014 | James Burgess
    In the world of a constantly changing oil and gas environment, the Montney shale basin is the sleeping giant that holds the key to accelerating Canada’s shale oil and gas boom, but the real treasure within this giant is a tight liquids-rich zone (approximately 15-20 miles wide) that has big and small players alike narrowing their focus for the potential of a giant payout. A pervasive hydrocarbon system in the Western Canada Sedimentary Basin (WCSB) in Alberta and British Columbia, the Montney is estimated to hold 2,200 trillion cubic feet of gas, almost 29 billion barrels of natural gas liquids...
  • Oil and gas companies court military veterans as shale boom grows

    09/18/2014 10:09:00 AM PDT · by thackney · 9 replies
    EagleFordTexas.com ^ | 9/16/2014 | Shane Thielges
    John MacZura, an Army infantry veteran, started work a week after graduation. Before receiving his petroleum engineering degree from Penn State in 2013, Mr. MacZura, 30, had already piqued the interest of five or six oil and gas companies. He had job offers from three. He eventually joined Houston-based Cabot Oil and Gas, where he now works as a completions engineer. “The military plays a large part in how I got to where I’m at today,” said Mr. MacZura. He spent four years stationed at the Schofield Barracks in Hawaii and two in the National Guard. “I can’t say I...
  • What Offshore Oil Might Mean for an Independent Scotland

    09/18/2014 8:10:43 AM PDT · by thackney · 3 replies
    American Interest ^ | September 17, 2014 | WALTER RUSSELL MEAD & STAFF
    There’s still plenty left to parse ahead of Scotland’s historic independence referendum tomorrow, not the least of which are very real concerns over what a “yes” vote might mean for the country’s energy ambitions. The North Sea is lousy with oil deposits (though production from many of these seems to be tapering off), and many of the pro-independence agitators have campaigned on a desire to claim more of the revenues from these offshore plays. But as the New York Times reports, these fields could prove fractious for the Scotland-UK relationship: [A] yes vote on Thursday could lead to protracted wrangling...
  • US shale oil growth covers up production drop in rest-of-world

    09/18/2014 7:24:16 AM PDT · by ckilmer · 19 replies
    resilience ^ | Sep 17, 2014 | by Matt Mushalik,
    US shale oil growth covers up production drop in rest-of-world by Matt Mushalik, originally published by Crude Oil Peak  | Sep 17, 2014  We use the period starting with January 2010 when crude production had come back to 2005 levels after the exceptional year of 2009.Fig 1: US crude oil vs crude oil in rest-of-world   While US shale oil production is growing, there was a drop in crude production in the rest of world since February 2012 of almost 2 million barrels/d. How did this come about? As usual, there is decline and growth and then we have geopolitics....
  • Medlock: Without oil exports, drilling rigs could flee U.S.

    09/18/2014 5:28:00 AM PDT · by thackney · 55 replies
    Fuel Fix ^ | September 17, 2014 | Jennifer A. Dlouhy
    It will take a “train wreck” of falling prices, declining oil production and idle drilling rigs before the United States lifts its longstanding ban on exporting crude, a noted economist predicted Wednesday. Analysts have warned those are the possible outcomes if existing discounts on U.S. crude grow even larger and domestic oil production exceeds the ability of the nation’s refiners to process it. And while oil producers are beseeching the Obama administration and lawmakers to ease the export ban now — heading off any such “day of reckoning” — Rice University economist Kenneth Medlock said political action probably will lag...
  • Libya Shuts Down Largest Oilfield After Rebel Attacks

    09/17/2014 10:43:20 AM PDT · by thackney · 7 replies
    Oil Pro ^ | 9/17/2014 | Abisha Rabiyah
    Production has been halted at Libya's largest oilfield- the Sharara field- after a rocket attack at the connected Zawiya refinery, threatening nearly 30% of the country's production, Bloomberg reported Wednesday. A rocket exploded near a crude storage tank at the Zawiya refinery. The field was completely shutdown last evening following the discovery of damage to a 300,000 barrel crude storage tank at the facility, Mansur Abdallah, director of oil movement at the Zawiya refinery, told Bloomberg by phone. Prior to the disruption, the Sharara field produced approximately 250,000 bpd. Production was shut down as a precautionary measure after an attack...
  • Islamic State Funds Push Into Syria and Iraq With Labyrinthine Oil-Smuggling Operation

    09/17/2014 5:34:46 AM PDT · by thackney
    Wall Street Journal ^ | Sept. 16, 2014 | BENOÎT FAUCON and AYLA ALBAYRAK
    The Islamic State is funding its rapid push into Syria and Iraq with a labyrinthine oil-smuggling operation that starts at seized Syrian oil fields, goes through makeshift refineries and can end up in jerrycans carried by mules into the hilly borderland of Turkey. Amid Western pressure to squeeze the group's finances, Turkey is expanding efforts to crack down on the increasingly organized business, which is now generating an estimated $2 million a day. A major route linking Syrian oil fields with the smuggling enclaves of southern Turkey offers a window onto the complexity of the oil network run by Islamic...
  • Feds reveal details on Shell’s Arctic ambitions

    09/17/2014 5:01:54 AM PDT · by thackney · 2 replies
    Fuel Fix ^ | September 16, 2014 | Jennifer A. Dlouhy
    More details came to light Tuesday on Shell’s plans for exploratory oil drilling in the Chukchi Sea north of Alaska, as federal regulators released a copy of the company’s broad Arctic drilling blueprint. Shell filed the document with the Bureau of Ocean Energy Management last month, a milestone in its quest to resume drilling in the region after its previous, attempt two years ago was marred by mishaps. Shell is aiming to drill up to six wells on separate lease blocks encompassing its Burger prospect in the Chukchi Sea, with work unfolding over several years. It plans to put two...
  • Landmark fracking study finds no water pollution

    09/16/2014 1:43:10 PM PDT · by Olog-hai · 14 replies
    Associated Press ^ | Sep 16, 2014 3:05 PM EDT | Kevin Begos
    The final report from a landmark federal study on hydraulic fracturing, or fracking, found no evidence that chemicals or brine water from the gas drilling process moved upward to contaminate drinking water at a site in western Pennsylvania. The Department of Energy report, released Monday, was the first time an energy company allowed independent monitoring of a drilling site during the fracking process and for 18 months afterward. After those months of monitoring, researchers found that the chemical-laced fluids used to free gas stayed about 5,000 feet below drinking water supplies. Scientists used tracer fluids, seismic monitoring, and other tests...
  • Juan McShame going INSANE at ISIS hearing!

    09/16/2014 7:44:43 AM PDT · by Viennacon · 47 replies
    Me | 9/16/2014 | Viennacon
    I hope people are watching this. Such insanity would typically end in someone being ejected from the party John McCain, the hideous terrorist aider DEMANDING the US military attack Assad's regime in Syria and send heavy weapons to the 'moderate' opposition, also known as mega extremists just like those guys in Libya we gave stinger missiles to. Another reason to NOT let McConnell back in the senate. He will continue to send the most unstable man in the country to this vital committee. STOP ARMING TERRORISTS WHO HATE AMERICA!
  • Russia's Energy Minister To Meet OPEC As Oil Price Falls More

    09/16/2014 6:59:39 AM PDT · by thackney · 10 replies
    Rig Zone ^ | September 15, 2014 | Reuters
    Russian Energy Minister Alexander Novak will meet OPEC officials on Tuesday in Vienna, his spokeswoman said, as oil's price fall piled pressure on Moscow's budget. The annual meeting had been planned long before oil fell below the $100 per barrel level critical for Russia's oil sales which account for 40 percent of state budget revenues. Russia suffered from a decline of oil production and prices this year and has cut its outlook for oil output as core Western Siberian fields become more depleted. The spokeswoman said that Novak and the officials from the Organization of the Petroleum Exporting Countries had...
  • Industry Group: Brazil 'Falling Off World Oil Map' Over Failed Policies

    09/16/2014 6:02:03 AM PDT · by thackney · 21 replies
    Reuters via Rig Zone ^ | September 16, 2014 | Jeb Blount
    Investors are losing interest in Brazil's oil industry as the country's energy policies raise costs, reduce efficiency and increase risk, Brazil's oil industry association, the IBP, said on Monday. Without changes Brazil will likely lose out to places such as Mexico, Iran, Iraq and Algeria where policies are becoming more open to private sector investment. "I went to the three largest oil conventions in the world this year and you hardly heard Brazil's name mentioned," Milton Costa Filho, Executive Secretary of the IBP told reporters at an industry event in Rio de Janeiro. "Brazil is falling off the world oil...
  • Oil tanker sizes range from general purpose to ultra-large crude carriers on AFRA scale

    09/16/2014 5:56:37 AM PDT · by thackney · 8 replies
    Energy Information Administration ^ | SEPTEMBER 16, 2014 | Energy Information Administration
    The global crude oil and refined product tanker fleet uses a classification system to standardize contract terms, establish shipping costs, and determine the ability of ships to travel into ports or through certain straights and channels. This system, known as the Average Freight Rate Assessment (AFRA) system, was established by Royal Dutch Shell six decades ago, and is overseen by the London Tanker Brokers' Panel (LTBP), an independent group of shipping brokers. AFRA uses a scale that classifies tanker vessels according to deadweight tons, a measure of a ship's capacity to carry cargo. The approximate capacity of a ship in...
  • Environmentalists Sue over Crude-by-Rail

    09/15/2014 8:45:16 PM PDT · by Citizen Zed · 32 replies
    Breitbart ^ | 9-15-2014 | WILLIAM BIGELOW
    The environmental group Earthjustice, funded by George Soros and joined by the Sierra Club and ForestEthics, is suing the U.S. Department of Transportation (DOT) in order to prevent crude oil from North Dakota’s Bakken formation to be moved to California. The suit is reportedly in reaction the Kern County Board of Supervisors’ approval last Tuesday of Alon USA Energy's plan to expand the rail terminal at its Bakersfield, CA refinery. The expansion of the terminal would create the state’s largest crude-by-rail facility and allow the terminal to import five times as much crude oil by train as it already does, Earthjustice is also claiming...
  • Petrodollar Panic: EU Officials Admit Buying Oil From ISIS

    09/15/2014 11:16:01 AM PDT · by Rusty0604 · 23 replies
    Zerohedge ^ | 09/15/2014 | Tyler Durden
    We recently explained how ISIS remains so well funded but what was unclear was who exactly what purchasing their 'recently-provisioned' oil reserves? The assumption being some desperate third-world nation or some scheming offshore hedge-fund arbitrageur; however, as Sott.net reports, a senior European Union official has revealed that some EU member states have purchased oil from ISIL Takfiri militants despite their rhetoric against the group. The official declined to disclose any names but Turkey remains a front-runner (having already shunned President Obama) and potentially France (after their recent anti-Petrodollar comments). As The Daily Signal's Kelsey Harkness ( @kelseyjharkness ) notes, According...
  • Energy boom fueled by small business, not Big Oil, industry report says

    09/15/2014 6:45:50 AM PDT · by thackney · 9 replies
    Times-Picayune ^ | September 09, 2014 | Jennifer Larino
    When it comes to the U.S. energy boom, small and mid-size firms -- not Big Oil -- are providing the momentum for growth, according to an American Petroleum Institute report released Tuesday (Sept. 9). The industry group's report looks at the oil and gas supply chain in all 50 states, listing more than 30,000 firms across the country. The findings were based on a nationwide survey asking oil and gas companies what suppliers, contractors and other vendors they use. "Oil and natural gas companies are only one part of a much larger economic success story that is creating job growth...
  • New petroleum technology revitalizes Powder River Basin oil production

    09/15/2014 5:54:36 AM PDT · by thackney · 11 replies
    Energy Information Administration ^ | SEPTEMBER 15, 2014 | Energy Information Administration
    The Powder River Basin, well known for its abundant coal supply, is experiencing a turnaround in oil production. Production has rebounded from a low of 38,000 barrels per day (bbl/d) in 2009 to 78,000 bbl/d during first-quarter 2014. Although U.S. oil production growth is occurring primarily in the Bakken, Eagle Ford, and Permian Basins, the Powder River Basin is among other regions of the country that have also benefitted from the application of horizontal drilling and hydraulic fracturing. The increase in Powder River Basin oil production is largely attributable to production growth in the Turner, Parkman, and Niobrara-Codell formations, which...
  • Meeting Heavy Demand – Industrial Infrastructure in the Eagle Ford Shale

    09/15/2014 5:45:29 AM PDT · by thackney · 3 replies
    Oil Pro ^ | 9/12/2014 | Tim Stinson
    While the economic boom brought on by the Eagle Ford Shale in South Texas has no doubt brought attention and prosperity to the state, it’s brought on its fair share of complications, too. One such complication: industrial infrastructure in the Eagle Ford Shale. To remedy the challenges created by the large influx of oil and natural gas production in the state, numerous regional refineries are being overhauled to meet demand, and billions of dollars in new pipelines are being created as well. New Pipelines Transportation of oil and natural gas from the Eagle Ford Shale to local refineries has been...
  • Oklahoma oil hub getting bigger with new pipelines

    09/15/2014 5:05:00 AM PDT · by thackney · 3 replies
    Fuel Fix ^ | September 14, 2014 | Associated Press
    CUSHING, Okla.— New pipeline projects are expanding the size of an Oklahoma crude oil hub that is already one of the most important oil storage facilities in the world. One new pipeline is in operation at the hub in Cushing, another is almost complete and a new project was announced earlier this month when Tulsa-based NGL Energy Partners revealed plans for the Grand Mesa Pipeline, a joint venture with Rimrock Midstream LLC, the Tulsa World reported Saturday. Grand Mesa, which will be open to oil producer commitments starting next week, will be a 550-mile system from Colorado to Cushing. Once...
  • Obama: Assad Shooting At American Planes Would Lead To His Overthrow

    09/14/2014 8:51:34 AM PDT · by GonzoII · 57 replies
    NYT/BI ^ | Sep. 14, 2014, 10:12 AM | Michael B Kelley
    President Barack Obama would seek to overthrow the regime of Bashar al-Assad if American planes were attacked upon entering Syrian air space, Peter Baker of The New York Times reports. If Assad's troops fired at American planes entering Syrian airspace, "Obama said he would order American forces to wipe out Syria’s air defense system," Baker reports. "He went on to say that such an action by Mr. Assad would lead to his overthrow, according to one account."
  • Denton extends drilling moratorium until 2015; vote on frack ban looms

    09/12/2014 1:53:51 PM PDT · by 2ndDivisionVet · 10 replies
    The Dallas Business Journal ^ | September 10, 2014 | Nicholas Sakelaris
    Land-use conflicts between Barnett Shale wells and homes continues to pose a “major impediment” to Denton’s future quality of life and economic development, gas well administrator Darren Groth told the City Council Tuesday. The Council agreed, voting unanimously Tuesday to approve a moratorium on gas wells applications and permits through Jan. 20. This moratorium is separate from the Nov. 4 referendum to ban hydraulic fracking in the city of Denton, a first for Texas. The four-and-a-half-month extension gives city staff time to iron out problems with the city ordinance to prevent a repeat of what happened in the Vintage neighborhood...
  • Oil demand growth slips to 'remarkable' 2½-year low

    09/12/2014 1:47:17 PM PDT · by Lorianne · 39 replies
    CNBC ^ | 11 September 2014 | Matt Clinch
    Demand growth in the oil markets will be more subdued than previously expected, according to the International Energy Agency, which has once again downgraded its projections for the rest of the year. "The recent slowdown in demand growth is nothing short of remarkable," the IEA said in a new monthly report on Thursday morning. "While demand growth is still expected to gain momentum, the expected pace of recovery is now looking somewhat more subdued." Additionally, global oil demand growth for has been lowered to 900,000 million b/d in 2014 and 1.2 million b/d for 2015. The pronounced slowdown in demand...
  • Energy Minister: Half of Scottish Oil Reserves Yet to Be Exploited

    09/12/2014 12:24:40 PM PDT · by Lorianne · 19 replies
    RIA Novosti ^ | 10 September 2014 | Mark Hirst
    Scotland’s oil and gas sector is facing a bright future as half of oil reserves remain to be exploited, the Scottish Government's Minister for Energy, Enterprise and Tourism Fergus Ewing said Wednesday, commenting on a new study. Earlier, world leading oil expert Professor Alex Kemp, by using detailed financial modelling, predicted significant discoveries in Scottish oil sector made over the next 30 years. “His new predictions – based on that modelling – show a bright future for Scotland’s oil and gas sector for decades to come – with 99 new economic discoveries over the next three decades,” Ewing told RIA...
  • Barnet Shale still alive

    09/12/2014 6:12:36 AM PDT · by q_an_a · 7 replies
    Dallas Business Journal ^ | 9.10.2014 | Nicholas Sakelaris
    The Barnett Shale generates $11.8 billion in gross product per year and 107,650 permanent jobs for North Texas, according to economist Ray Perryman.
  • Eastern Europe Braces for Energy Shortages as Russian Gas Flows Fall

    09/12/2014 5:20:30 AM PDT · by McGruff · 18 replies
    The Wall Street Journal ^ | Sept. 12, 2014 | Sean Carney
    A fall in gas flows from Russia to two Eastern European countries this week has sent a chill through the region as it prepares for possible energy shortages this winter. Slovakia's gas distributor SPP said Thursday its daily gas intake from Russia fell 10% below contracted levels starting late Wednesday. Polish gas company PGNiG said its gas flows from Russia had fallen 45% below its contracted daily volumes by Thursday.
  • The Scary Amount of Oil Money ISIS Makes Every Day

    09/12/2014 5:10:33 AM PDT · by ilovesarah2012 · 19 replies
    dailysignal.com ^ | September 11, 2014 | Kelsey Harkness
    President Obama, laying out his strategy last night to defeat the Islamist jihadists known as ISIS, stressed that “it will take time to eradicate a cancer” such as the terrorist group represents in the Middle East. One hurdle in the way of Obama’s intention to work with allies to “degrade and ultimately destroy” ISIS (also known as ISIL and the Islamic State) is the brutal organization’s control of oil fields in Iraq and Syria. ISIS uses that oil wealth to help finance its terror operations. According to the Iraq Energy Institute, an independent, nonprofit policy organization focused on Iraq’s energy...
  • Brent oil extends slump to 2-year low; U.S. crude bounces

    09/11/2014 9:31:34 AM PDT · by GonzoII · 4 replies
    Reuters ^ | Thu Sep 11, 2014 9:50pm IST | Robert Gibbons
    (Reuters) - Benchmark Brent crude dropped to a two-year low on Thursday, falling for a sixth straight session as increasing supply and signs of weakening demand countered worries that conflicts in the Middle East could curb output. ... Brent for October was down 66 cents at $97.38 a barrel at 11:38 a.m. EDT (1538 GMT) It fell as low as $96.72, its weakest since July 2012. U.S. crude was up 35 cents at $92.17 a barrel, turning higher after sliding to $90.43, its lowest since May 2013. Brent hit a high above $115 in June as Islamist insurgents swept across...
  • Islamic State’s Ultimate Goal: Saudi Arabia’s Oil Wells

    09/11/2014 8:49:30 AM PDT · by Sean_Anthony · 8 replies
    Canada Free Press ^ | 09/11/14 | Claude Salhani
    The capture of oil wells in Syria and Iraq has made the group financially self-sufficient. Now it's all or nothing For the terrorist group known as the Islamic State, Syria and Iraq were a good place to start their campaign, but in order to survive and prosper it knew from the outset that it had no choice but to set its sights on the ultimate prize: the oil fields of Saudi Arabia. It is in that direction that the battle for control of the world’s largest oil fields is currently heading. Islamic State—which has its origins in al-Qaeda—knows fully well...
  • US, EU Ready New Sanctions to Stop Oil Exploration in Russia

    09/11/2014 7:46:40 AM PDT · by thackney · 5 replies
    Reuters via Rig Zone ^ | September 11, 2014 | Timothy Gardner
    The United States and European Union plan to stop billions of dollars in oil exploration in Russia by the world's largest energy companies including Exxon Mobil Corp and BP Plc, U.S. government sources said. The planned sanctions over Russia's aggression toward Ukraine would ban U.S. and European companies from cooperating with Russia on searching its Arctic territory, deep seas or shale formations for crude, said two U.S. officials who spoke on condition of anonymity because the measures have not been made public. The measures, which one of the sources said represented "preliminary thinking," would expand sanctions the Obama administration announced...
  • Islamic State’s Ultimate Goal: Saudi Arabia’s Oil Wells

    09/10/2014 11:21:27 AM PDT · by SeekAndFind · 44 replies
    OIL PRICE ^ | 09/10/2014 | By Claude Salhani
    For the terrorist group known as the Islamic State, Syria and Iraq were a good place to start their campaign, but in order to survive and prosper it knew from the outset that it had no choice but to set its sights on the ultimate prize: the oil fields of Saudi Arabia. It is in that direction that the battle for control of the world’s largest oil fields is currently heading. Islamic State -- which has its origins in al-Qaeda – knows fully well that in order to sustain itself as a viable and lasting religious, political, economic and military...
  • COLUMN-Worst time for Saudi Arabia's giant new oil refinery: Russell

    09/10/2014 9:43:33 AM PDT · by thackney · 5 replies
    Reuters ^ | Sep 10, 2014 | Clyde Russell
    If you could pick the worst set of circumstances in which to start up a giant, export-oriented oil refinery, you might well have them right now. Saudi Aramco and joint venture partner Sinopec have started test runs at their 400,000 barrel per day (bpd) Yanbu refinery, located in the oil-rich Middle Eastern kingdom. This puts the new plant on schedule to begin commercial exports in November, possibly even by the second half of October, according to trade sources. Yanbu will be the second major refinery to come online in Saudi Arabia in little more than a year, following the September...
  • OPEC Says World Will Need Less of Its Oil Next Year

    09/10/2014 7:45:13 AM PDT · by thackney · 13 replies
    Wall Street Journal ^ | Sept. 10, 2014 | BENOÎT FAUCON
    OPEC said demand for its crude oil will be lower than expected next year, with a surge in U.S. output potentially bringing its production to levels not seen since the past decade. In its monthly oil-market report, the Organization of the Petroleum Exporting Countries said it had lowered the estimate of demand for its crude by 200,000 barrels a day for 2015 and by the same amount for this year. As a result, markets will need 300,000 barrels a day less of OPEC crude next year, it said. OPEC's statement comes after the Brent oil contract—the most widely traded international...
  • Recognizing The Golden Age Of Texas Oil And Gas While We're In It

    09/10/2014 5:24:53 AM PDT · by thackney · 8 replies
    Forbes ^ | 9/09/2014 | David Blackmon
    James Lebas, former chief revenue estimator for the Texas Comptroller’s office, made news recently when he told the state’s House Committee on Energy Resources that, working with the Comptroller’s office, he had determined that output from the oil and natural gas industry now accounts for fully one-third of the entire Texas economy. Given that the Texas economy would rank 12th among all nations on earth, that’s an amazing amount of economic activity for one industry to provide. Yet, it should not surprise anyone who has really been paying attention to the phenomenal boom the industry has undergone in Texas since...
  • 8 Facts About U.S. Crude Oil Production

    09/10/2014 5:20:25 AM PDT · by thackney · 9 replies
    Brookings Institution ^ | September 9, 2014 | Charles K. Ebinger and Heather Greenley
    The skyrocketing growth of unconventional oil and natural gas production in the United States has ignited an intense debate on the impact of energy exports on U.S. energy and economic security and its foreign policy. In “Changing Markets: Economic Opportunities from Lifting the U.S. Ban on Crude Oil Exports,” Charles Ebinger and Heather Greenley worked with National Economic Research Associates (NERA) to examine the economic and national security impacts of lifting the ban on crude oil exports. Learn eights facts about U.S. crude oil production within the key findings outlined below, and download the full report. U.S. Economic Benefits Key...
  • Long supply chain keeps oil industry pumping

    09/09/2014 5:37:34 PM PDT · by thackney · 5 replies
    Fuel Fix ^ | September 9, 2014 | Jennifer A. Dlouhy
    America’s energy renaissance isn’t brought to you by Big Oil. That’s the message the American Petroleum Institute sent Tuesday, as it released a report documenting the nearly 30,000 businesses across the nation that supply the oil and gas industry with equipment and services. Erik Milito, API’s upstream director, said the report illustrates “the true breadth and scope of the industry’s positive impact throughout the country.” “What we’re trying to show is more of the teamwork approach that goes to energy, where it’s not just an operator or a producer that is involved in safe and responsible development,” Milito added. “It’s...
  • IEO2014: World liquid fuels consumption to rise 38% by 2040

    09/09/2014 2:23:02 PM PDT · by thackney · 27 replies
    Oil & Gas Journal ^ | 09/09/2014 | OGJ editors
    n the 2014 edition of its International Energy Outlook (IEO2014), the US Energy Information Administration projected world liquid fuels consumption to rise 38% by 2040. The agency also pointed out that world markets for petroleum and other liquid fuels have entered a period of dynamic change—in supply and demand. “The potential for growth in demand for liquid fuels is focused on the emerging economies of China, India, and the Middle East, while liquid fuels demand in the US, Europe, and other regions with well-established oil markets seems to have peaked,” EIA said. In countries outside the Organization for Economic Cooperation...
  • Musings: After Hiatus, Keystone XL Pipeline Battle Resumed Friday

    09/09/2014 9:17:30 AM PDT · by thackney · 7 replies
    PPHB via Rig Zone ^ | September 09, 2014 | G. Allen Brooks
    In the chambers of the Nebraska Supreme Court in Omaha, a hearing was held Friday about the decision by Lancaster County District Judge Stephanie F. Stacy claiming that the law under which the state’s governor had approved the route of the Keystone XL pipeline was unconstitutional. The judge, in a case brought by three landowners, decided that LB1161, the law passed by the state’s legislature at the end of its session in 2011 that shifted the approval of the pipeline route from the state’s Public Service Commission (PSC) to the governor, was unconstitutional, and as such the judge instituted a...
  • Rosneft Struggles To Grow As Sanctions Hit Russia's Oil Champion

    09/09/2014 8:59:51 AM PDT · by thackney · 2 replies
    Reuters via Rig Zone ^ | September 09, 2014 | Katya Golubkova, Soldatkin & Dmitry Zhdannikov
    ...faces unprecedented challenges to its long-term expansion and modernization plans.... Last week Rosneft said it would cut staff to reduce costs: Kommersant business daily said Rosneft's Moscow headquarters would see cuts of up to 25 percent from the current 4,000. These would be the first significant job losses at a company that swelled via the acquisition of rivals such as YUKOS, pushed into bankruptcy some ten years ago by the government of President Vladimir Putin. Since then Rosneft's output has risen 10-fold to exceed 4 million barrels per day or four percent of global supply. But last week it reported...
  • Gulf Coast drives surge in U.S. exports of petroleum products

    09/09/2014 7:12:27 AM PDT · by thackney · 3 replies
    Fuel Fix ^ | September 9, 2014 | Rhiannon Meyers
    The Gulf Coast is driving a surge in U.S. exports of petroleum products as refineries run at near-record levels, according to recent reports. In June, the United States on average exported 3.7 million barrels per day of gasoline, distillate, jet fuel, petroleum coke and hydrocarbon gas liquids, according to the most recent data available. That’s an increase of 17 percent, or 543,000 barrels per day, from the same time last year, the Energy Information Administration said in a newly released analysis. Nearly three-quarters of that growth came from the Gulf Coast, where refineries remain “extremely competitive” against their global counterparts...
  • Israel looks to Texas for energy investment, expertise

    09/09/2014 5:45:53 AM PDT · by thackney · 1 replies
    Fuel Fix ^ | September 9, 2014 | FuelFix.com
    Israel is hoping to lure U.S. exploration and production companies to take advantage of its new offshore opportunities. So far, Houston’s Noble Energy is the only U.S. player there, after its discovery of major gas fields below the Mediterranean Sea. Reporter Rhiannon Meyers details how Israel is searching for inspiration and expertise in Texas. “Ultimately, Texas is the hub of the global oil and gas industry,” Joshua Beagelman, who is organizing the nation’s first international oil and gas conference in the fall, told her.
  • Russia's PM Signals $40B State Help for Rosneft

    09/08/2014 10:13:26 PM PDT · by Rabin · 5 replies
    RigZone ^ | September 08, 2014 | Reuters Staff
    Russian oil production, the major source of government revenue (40 + percent) of state revenues, may decline ..., the Energy Ministry said on Monday. Russia's economy (is) heavily dependent on crude exports and on the brink of collapse. Oil production has been broadly in decline this year mostly due to the depletion of West Siberia's oilfields.